提前预判了市场走势，天润乳业(600419.SH)即便全力止损，也尚未改变亏损的局面。 10月24日晚间，天润乳业发布2025年第三季度报告。公司前三季度实现营业收入20.74亿元，同比下降 3.81%；净利润亏损1061.45万元，上年同期盈利2226.93万元。 不过，三季报中，天润乳业表示，2025年9月，公司年产20万吨乳制品加工项目已基本建设完成，并投 入生产试运营。 前三季亏损1061.45万 "活下来，挺得住。"2024年9月，天润乳业董事长刘让在接受采访时，为公司发展"定调"。 天润乳业主要从事乳制品制造业及畜牧业，营业收入主要来源于乳制品销售收入，营业利润主要来源于 乳制品销售业务。 长江商报记者发现，天润乳业自2013年借壳上市后13年来，大概率将出现首次全年亏损。 10月24日晚间，天润乳业发布2025年第三季度报告。公司前三季度实现营业收入20.74亿元，同比下降 3.81%；净利润亏损1061.45万元，上年同期盈利2226.93万元。 长江商报记者发现，自2024年起，天润乳业为优化牛群结构，加大牛只淘汰力度。截至2025年三季度 末，公司牛只存栏5.19万头，较2024年期末存栏 ...

人民财讯10月23日电，天润乳业（600419）10月23日发布2025年三季报，公司第三季度营业收入6.78亿 元，同比下降4.84%；净利润1124.18万元，同比下降77.6%。前三季度营业收入20.74亿元，同比下降 3.81%；净利润亏损1061.45万元。业绩变动主要系公司加大低生产价值牛只淘汰力度、计提学生奶和哺 育工程奶应收账款坏账准备。 ...

Group 1 - The project of Junlebao's South China dairy industry integration base has officially started construction at the end of 2023 and has recently completed the main structure of the office building after 20 months of construction [1] - The total planned investment for the project is 3 billion yuan, which will include a dairy source base, liquid milk R&D center, production base, dairy science popularization base, liquid milk industrial tourism center, and South China sales headquarters [1][3] - The project aims to significantly enhance Junlebao's coverage of the South China market and is a key part of the company's strategy to deepen its national layout and integrate into the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 2 - The liquid milk production base and ranch construction will have a total investment of approximately 1.5 billion yuan, covering an area of about 100 acres, and will serve markets in Guangdong, Guangxi, Hunan, Fujian, Jiangxi, and Hainan [3] - The project is planned to be built in two phases, with the first phase focusing on the production lines for fresh milk, yogurt, dairy beverages, and student milk, while the second phase will expand based on market demand [3] - Junlebao plans to develop a full industry chain model in Jiangmen, investing in multiple large modern ranches covering about 300 acres, utilizing international standards in ranch construction and dairy farming [5] Group 3 - Junlebao's chairman, Wei Lihua, emphasized the company's increased investment in R&D across the entire industry chain to enhance product quality through technological innovation and to actively explore markets [5] - The completion of the South China dairy industry integration base project is expected to become a new growth point for Junlebao and inject momentum into the revitalization of the dairy industry and improvement of livelihoods in the South China region [5]

Core Viewpoint - The Ministry of Agriculture and Rural Affairs has issued a notification aimed at alleviating the difficulties faced by the dairy industry and enhancing the high-quality development of the entire industry chain in response to current challenges such as insufficient consumer demand and rising production costs [1][2]. Group 1: Industry Challenges - The dairy industry is currently experiencing low prices for fresh milk, a slowdown in dairy product consumption growth, and significant losses for farms, leading to a dual pressure of "difficulty in selling milk" and "high costs" [1]. - The notification addresses the need for improved coordination within the industry chain to tackle these challenges effectively [1]. Group 2: Policy Measures - The notification outlines specific measures including the implementation of central financial support policies, increasing the supply of quality feed, and improving farming facilities [1][2]. - Local governments are encouraged to introduce tailored subsidy policies for breeding, spraying, and increased purchasing [1][2]. Group 3: Financial Support and Risk Management - The notification emphasizes the establishment of a whitelist system and encourages financial institutions to innovate products like "silage loans" to meet the funding needs of farming entities [2]. - It also highlights the importance of optimizing herd structure and enhancing the quality safety supervision of fresh milk [2]. Group 4: Consumer Promotion - To boost consumption, the notification calls for increased promotion of dairy products, encouraging the development of affordable and simplified packaging [3]. - It suggests expanding the "student milk program" and promoting dairy products in canteens and welfare institutions, along with the distribution of milk consumption vouchers to specific groups [3]. Group 5: Collaborative Mechanisms - The notification requires the establishment of a collaborative mechanism among various departments to address new challenges in the industry and promote high-quality development [3].

Core Viewpoint - Yantang Dairy has obtained the "China Student Drinking Milk Logo Usage License" for its flagship factory in Guangzhou and its subsidiary in Zhanjiang, qualifying them to participate in student milk procurement tenders [1] Group 1 - The company is actively developing its student milk business and participating in various student milk procurement tenders [1] - Yantang Dairy is continuously deepening its campus channel development and accelerating market expansion [1] - Recently, the company has won multiple student milk project bids [1]

Core Points - The "high-priced student milk" incident in Pinglu County, Shanxi Province, has drawn significant public attention due to the procurement prices being much higher than market rates [2][3] - Former head of the Pinglu County Education Bureau, Zhao Xinghui, was found guilty of accepting bribes related to procurement projects, totaling 1.02 million yuan, and was sentenced to three years and one month in prison [6][8] - The procurement process for student nutrition meals was claimed to be legal and compliant by the education bureau, but subsequent investigations revealed irregularities [5][6] Procurement Details - The winning bids for the student nutrition meal project included three companies with total bid amounts of 10.731 million yuan, 9.06 million yuan, and 7.548 million yuan, with each 200ml box of yogurt priced at 5 yuan [3][4] - Market comparisons showed that similar products from brands like Mengniu, Junlebao, and Yili were priced significantly lower, with prices around 2.41 to 2.7 yuan per box when purchased in bulk [4][5] Legal Proceedings - Zhao Xinghui's case revealed that he used his position to facilitate contracts for various projects, including student nutrition meal procurement, in exchange for bribes [6][9] - The largest single bribe received by Zhao was 500,000 yuan from a security service company, which was linked to a school security project [7][8] - Following the public outcry over the high-priced milk, the Pinglu County Education Bureau announced the termination of the nutrition meal procurement project [8][9] Broader Implications - The incident highlights ongoing issues of corruption and lack of transparency in government procurement processes, which undermine public trust and fair market practices [10] - Experts suggest that reforms are needed to enhance transparency, reduce human intervention, and establish strict penalties for corrupt practices in government procurement [10]